London, office towers with library, cinema and spa to bring employees back to their desks

There is an air of recovery in the London office sector: both investment and rents have increased in the City in recent months and foreign interest in the market has awakened. This is confirmed by the latest figures from Avison Young, which show a 44% increase in leases. A report by Cushman & Wakefield points out that the prime segment accounts for more than 70% of activity: a confirmation that in order to convince employees to return to the office, it is necessary to offer them quality space and services in a "green" building in a pleasant setting and in areas that are easily accessible by public transport. The crisis mainly affects B offices in suburban areas. Both Avison Young and Cushman & Wakefield predict a sustained recovery of the A office sector in 2025 and a progressive further polarisation of the London market.

Perhaps the most representative example of this trend towards quality is 40 Leadenhall, the largest real estate project realised in the City this year: some 90,000 square metres with space for 10,000 employees. M&;G, which had purchased the site 2019, has just completed the office complex after a forced hiatus due to the pandemic.

L’edificio nel cuore della City

40 Leadenhall consists of two new towers of 14 and 34 storeys around a period listed building that has been completely renovated. Ten per cent of the complex is reserved for services: not the usual gymnasium, which is there anyway and offers fitness and yoga classes at different times of the day. The offer goes much further: there is a large wellness area that includes a hairdresser, beautician and pedicure as well as relaxation areas. There is a thirty-seat cinema and an extensive library, with tables for studying and comfortable chairs for reading, and even a corner with children's books on the shelves for when employees want to bring their children to the office.

La biblioteca

In the central covered 'square' connecting the new building to the period building there is a large relaxation area with sofas and a big screen with rotating digital artwork, a bar area and many trees. Next door is a restaurant - Manicomio, a successful Italian who has several locations in London. Downstairs there is parking for hundreds of bikes and there are large areas to shower and change before going to the office. Employees are connected via an app that they can use to book various services, from a yoga class to a cinema, from a 200-seat conference room to a club room with a terrace on the eleventh floor.

All these services and amenities for employees seem to have had the desired effect: 90 per cent of the building has already been rented out at record prices. "About six thousand square metres remain, which we plan to rent at about one thousand pounds per square metre," says Michael Wood, Director of Fund Management, M&G Real Estate. The aim is to entice people to come back to the office". Among the tenants is the American law firm, Kirkland & Ellis, which has signed a 17-year contract giving each of its 800 employees their own office, another post-Covid trend.